Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows:

	December 31,
(in thousands)	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	81,520		$	71,963
Research and development credits		23,668			20,555
Research and development capitalization		59,341			39,867
Stock-based compensation		15,312			12,990
Accrued expense		2,783			2,539
Lease liabilities		5,033			4,715
Gross deferred tax assets		187,657			152,629
Less: valuation allowance		(182,642	)		(147,616	)
Total deferred tax asset		5,015			5,013
Deferred tax liability
Right-of-use assets		(4,595	)		(4,641	)
Depreciation		(420	)		(372	)
Total deferred tax liabilities		(5,015	)		(5,013	)
Net deferred tax assets	$	—		$	—

Schedule of Reconciliation of the Federal Income tax Rate to Effective Tax Rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:

	Year ended December 31,
	2024			2023
Federal tax benefit at statutory rate		(21.0	)%		(21.0	)%
State tax, net of federal benefit		(6.6	)		(6.6	)
Permanent differences		1.0			1.1
Research and development		(2.4	)		(4.4	)
Change in valuation allowance		27.5			30.0
Share-based compensation		1.5			0.9
Other		-			-
		0	%		0	%

Schedule of Federal and State Net Operating Losses and Research Tax Credits

The following table summarizes carryforwards of federal and state net operating losses (“NOL”) and research tax credits:

	December 31,
(in thousands)	2024		2023
NOL carryforwards - Federal	$	292,193	$	257,976
NOL carryforwards - State		293,621		259,051
Research tax credits - Federal		23,634		20,521
Research tax credits - State		43		43